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PRM Certification - Exam III: Risk Management Frameworks, Operational Risk, Credit Risk, Counterparty Risk, Market Risk, ALM, FTP - 2015 Edition

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Total Questions : 362

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Question # 1

A portfolio has two loans, A and B, each worth $1m. The probability of default of loan A is 10% and that of loan B is 15%. The probability of both loans defaulting together is 1%. Calculate the expected loss on the portfolio.

Options:

A.  

500000

B.  

250000

C.  

1000000

D.  

240000

Discussion 0
Question # 2

Which of the following is not true about the ISDA master agreement (ISDA MA):

Options:

A.  

All transactions under the ISDA MA are considered separate obligations

B.  

The ISDA MA describes the close out process

C.  

The CSA (Credit Support Annex) is one of the parts of the ISDA MA

D.  

The ISDA MA describes events of default, and termination events

Discussion 0
Question # 3

If A and B be two uncorrelated securities, VaR(A) and VaR(B) be their values-at-risk, then which of the following is true for a portfolio that includes A and B in any proportion. Assume the prices of A and B are log-normally distributed.

Options:

A.  

VaR(A+B) > VaR(A) + VaR(B)

B.  

VaR(A+B) = VaR(A) + VaR(B)

C.  

VaR(A+B) < VaR(A) + VaR(B)

D.  

The combined VaR cannot be predicted till the correlation is known

Discussion 0
Question # 4

Which of the following is NOT true in respect of bilateral close out netting:

Options:

A.  

The net amount due is immediately receivable or payable

B.  

All transactions are immediately closed out upon the occurrence of a credit event for either of the counterparties

C.  

All transactions are netted against each other

D.  

Transactions are separated by transaction type and immediately settled separately at each's replacement value

Discussion 0
Question # 5

Which of the following should be included when calculating the Gross Income indicator used to calculate operational risk capital under the basic indicator and standardized approaches under Basel II?

Options:

A.  

Insurance income

B.  

Operating expenses

C.  

Fees paid to outsourcing service proviers

D.  

Net non-interest income

Discussion 0
Question # 6

Which of the following statements is true in relation to a normal mixture distribution:

I. The mixture will always have a kurtosis greater than a normal distribution with the same mean and variance

II. A normal mixture density function is derived by summing two or more normal distributions

III. VaR estimates for normal mixtures can be calculated using a closed form analytic formula

Options:

A.  

I and III

B.  

I, II and III

C.  

II and III

D.  

I and II

Discussion 0
Question # 7

Which of the following event types is hacking damage classified under Basel II operational risk classifications?

Options:

A.  

Damage to physical assets

B.  

External fraud

C.  

Information security

D.  

Technology risk

Discussion 0
Question # 8

A bank holds a portfolio of corporate bonds. Corporate bond spreads widen, resulting in a loss of value for the portfolio. This loss arises due to:

Options:

A.  

Liquidity risk

B.  

Credit risk

C.  

Market risk

D.  

Counterparty risk

Discussion 0
Question # 9

If the annual variance for a portfolio is 0.0256, what is the daily volatility assuming there are 250 days in a year.

Options:

A.  

0.0101

B.  

0.4048

C.  

0.0006

D.  

0.0016

Discussion 0
Question # 10

Which of the following correctly describes a reverse stress test:

Options:

A.  

Stress tests that start from a known stress test outcome and then ask what events could lead to such an outcome for the bank

B.  

A stress test that considers only qualitative factors that go beyond mathematical modeling to examine feedback loops and the effect of macro-economic fundamentals

C.  

Stress tests that are prescribed and conducted by a regulator in addition to the tests done by a bank

D.  

A stress test that requires a role reversal between risk managers and the risk taking business units in order to determine credible scenarios

Discussion 0
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